Strong first quarter delivers a further increase in operating profitability and a consistent development of total premiums
- Quarterly Report as of 31 march 2015 - Press Release*
- Operating result reaches € 1.3 billion, up 6%, the best quarterly result of the last 7 years, with strong growth in Life segment (+8.2%)
- Premiums up to more than € 20 billion (+8.3%) driven by the Life business (+12.7%), led by exceptional increase in unit-linked products, reaching 24.5% of Life premiums. P&C premium income was stable
- Life new business APE at € 1.429 million (+9.8%) driven by strong unit linked products (+39.8%)
- High P&C technical margins with combined ratio at 93.3% (92.5% 1Q14), despite the impact of Nat Cat of 1.3 p.p.
- Increase in net profit up to € 682 million (+3.3%)
- Solvency I 168%; the pro-forma ratio-including the effects of the BSI sale-was 177% (164% at the end of 2014). Shareholders´equity grew by 12.5% to more than € 26 billion
The Generali Group Chief Financial Officer, Alberto Minali, commented: “We close the first quarter of the year with particularly satisfying results in all our business segments both in terms of premium income as well as profitability. These results demonstrate the effectiveness of the initiatives we have adopted as part of the turnaround, which we have completed one year ahead of plan. We have improved the quality of our offering with products generating a high customer value, and have restructured the Group’s portfolio, where needed, helping the business focus on Generali core activities. On this robust foundation we are going to present Generali’s future strategic priorities, on May 27th”.
* Changes in premiums, net premium income and Annual Premium Equivalent (APE) are presented in equivalent terms (at constant exchange rates and scope of consolidation). Changes in operating results, own investments and third-party assets under management are presented excluding from the comparative period the BSI Group, classified as a discontinued operation, and the sold Argentinian companies. The comparative financial data and results of operations have been redetermined on a consistent basis.
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